Sorting Through the Hubris

We are living through a concerted effort on the part of the modern-day robber barons to convince everyone that the financial crisis is over, and that even the "recession" has bottomed-out and the economy is "recovering." This is similar to every other so-called recession I can remember. As soon as possible, we begin hearing reports that the worst of the recession is behind us and that before you know it, all will be well. This time, however, the propaganda has been harder to put across, as the average American remains terrified of losing his or her job and then one's home. Not only that, but there continue to be significant discordant voices from nearly every source.

Somewhat surprisingly, the major media continue to report on various problems. A case in point is a major article (not the first) on the housing crisis in Florida which appeared only a few weeks ago. As I write this I am listening to "This American Life" on my local National Public Radio station. This excellent edition, told in breezy tones, is a revisiting of a broadcast originally presented in 2008. Soon (because this is a replay of a program I have already heard in part), various individuals who appeared on the original broadcast in May of 2008 will reappear and tell of their current situation. Some are doing better. Others are in the same position they were in a year and a half ago.

We can see that the narrative which would have us believe all is rosy is not selling very well. This has huge political repercussions. Exactly what it will mean in electoral politics is unknown, although there is some evidence that Democratic office-holders may be improving their position. (I will try to provide my source for this information later.)

In a strange way it is hopeful that Americans are not so easily fooled this time. They know in their hearts that all is not well. Perhaps this time, the truth has more of a chance to cut through the propaganda.